Title: Capital Markets Authority signs memorandum of understanding with Kuwait Financial Intelligence Unit
Date Publish 11 March 2019
KUWAIT CITY, March 11, 2019- The Capital Markets Authority (CMA) signed today a Memorandum of Understanding with Kuwait Financial Intelligence Unit on cooperation and exchange of information in the field of combating money laundering and associated original crimes and the financing of terrorism. The CMA was represented by Dr. Ahmad Al-Melhem - Chairman of the Board of Commissioners of the Capital Markets Authority - Managing Director, and the Kuwait Financial Intelligence Unit was represented by Mr. Ghazi Faisal Al Abdul Jalil, Acting Head of the Kuwait Financial Intelligence Unit.
The signing of the Memorandum was attended by Mr. Zeyad Al-Fulaij- Head of Supervision Sector, Dr.. Ibrahim Al-Thuwaini- Head of Legal Affairs Sector, Mr. Fahad Al-Fadli- Director of the On-Site Supervision Department, Mrs. Aysha Al-Obead- Director of the Legal Studies Department, Mr. Waleed Al-Owaiyesh- Director of Coordination and Follow-Up Office for the Supervision Sector, Mr. Abdulrahman Al-Khatrash -Director of the Coordination and Follow-Up Office for the Legal Sector, Mr. Waleed Alabdrazzaq- Director of Coordination and Follow-up Office for the Managing Director, Mr. Meshal Alsejari- Director of the Public Relations Office, Mr. Tareq Al-Jutaili-Director of AML / CFT Section, and Mr. Abdulrahman Al-Azemi- Analyst of On-Site Supervision Department.
From the Kuwait Financial Intelligence Unit, Mr. Khalid Al Ghazali- Director of Legal Affairs Department, Mr. Mu'min Bilal- Director of Financial Analysis Department, and Mr. Ahmed Adel- Head of Unit Office, attended the signing.
The signing of this Memorandum is to facilitate the understanding of the common objectives that bind the two entities and their authority in exchanging information for the purpose of cooperation for the public interest with a view to combating the crime of money laundering and associated crimes and the financing of terrorism, in accordance with the relevant laws and regulations, especially Law No. (106) of 2013 Regarding Anti- Money Laundering and Combating Financing of Terrorism, and the Ministerial Resolution No. (37) of 2013 Regarding the issuance of the Executive Bylaws of Law No. (106) of 2013 and the Ministerial Council’s Resolution No. (1532) of 2013 regarding the Kuwait Financial Intelligence Unit, and Law No.(7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments.
The purpose of this agreement is primarily to establish a mechanism for the exchange of information between the Kuwait Financial Intelligence Unit and the Capital Markets Authority and to establish a framework for cooperation and coordination between them, especially with regard to AML / CFT, in accordance with the relevant provisions of this Memorandum.
It should be noted that the Kuwait Financial Intelligence Unit is a unit of independent legal personality whose mission is to preserve the integrity of the banking and financial sector in the State of Kuwait, protect it from the crime of money laundering and related crimes and the financing of terrorism by adhering to international standards and cooperating effectively with the competent authorities to achieve peace and security nationally and internationally.
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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